Zodia Custody ends its joint venture with SBI Holdings in Japan

Zodia Custody, a digital asset custody company backed by Standard Chartered, has terminated its joint venture with SBI Holdings after two years of operation. The SBI Zodia Custody joint venture, in which SBI holds 51% and Zodia holds 49%, was established to provide institutional-grade custody services for the crypto market in Japan.

Zodia CEO, Julian Sawyer, stated that the dissolution is a "strategic adjustment" as both parties have different priorities. He revealed that the joint venture had previously discussed registration procedures with the Financial Services Agency of Japan (FSA) but has not yet submitted an official application.

SBI asserts that this is not a withdrawal but a proactive step to accelerate development in the digital ecosystem. Meanwhile, Zodia Custody continues to expand into other markets, having recently acquired Tungsten Custody Solutions in the UAE to take advantage of a more favorable legal environment.